$BITE Token
What is $BITE
$BITE is the token used across the Bitenet Ecosystem.
System User(Restaurant): Each Invited Bitenet restaurant will receive a free distribution right of 10,000 $BITE (Customers earn at least 1 $BITE for every HK$100 spent) which equals HKD 1,000,000 in revenue for the restaurant. After the 10,000 $BITE is distributed, restaurants can purchase $BITE from the Restaurant Selling (Mining Pool).
Contributor (Customer): Customers can earn $BITE through dining in Bitenet restaurants. Customers can use $BITE to redeem anything from prizes such as free food and cash vouchers to cryptocurrency like Bitcoin or USDT.
Referrals
Referrer Restaurant/ Referrer will be eligible for a 10% commission on customer’s earning of $BITE. The commission rate decreases by 20% for every 100 $BITE earned thereafter, granting long-term revenue from inviting customers to dine.
$BITE Token Distribution
| Category | % of Total Tokens | Token Amount | Vesting Period |
|---|---|---|---|
Seed Round | 10.00% | 500,000,000 | 0% at TGE, 12 months cliff, then ~2.063% per month |
Strategy Round | 7.00% | 350,000,000 | 0% at TGE, 12 months cliff, then ~2.778% per month |
Restaurant Selling (Mining Pool) | 45.00% | 2,250,000,000 | 100% at TGE |
Early adopter (Treasury) | 10.00% | 500,000,000 | Initially, 6 months cliff, 1.4% per month. |
Restaurant Parntership (Treasury) | 10.00% | 500,000,000 | Initially, 10%, then 1% per month. |
Team (Entity) | 15.50% | 775,000,000 | 0% at TGE, 12 months cliff, then ~1.667% per month |
Advisors | 2.50% | 125,000,000 | 0% at TGE, 12 months cliff, then ~1.667% per month |
Max Supply | 100.00% | 5,000,000,000 |
Token allocated to investors are restricted for a 12 month period. Then the restrictions release from token and will be distributed in 36 equal tranches for seed round and 48 equal tranches for strategy round.
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